Can husband claim wife's LIC premium?
Asked by: Dr. Murl Pagac V | Last update: February 11, 2022Score: 5/5 (54 votes)
Yes, in a family husband or wife any one can pay the life insurance premium and claim the tax benefits under section 80 C of income tax act. Children till the age of 23, their insurance premiums can also be paid and claimed for tax deductions.
Can I claim a tax deduction on premium for my wife?
Correct answer : (b) Justification of correct answer : Premium on life insurance policy can be claimed as deduction under section 80C. In case of an individual, deduction is available in respect of policy taken in the name of taxpayer or his/her spouse or his/her children.
Can I claim insurance for my wife?
"You and your spouse cannot split the insurance premium amount and claim it separately for taking the deduction because only the person (who is the proposer) paying the premium can claim deduction under section 80D of the Act," he said.
Can I pay my wife's insurance premium?
Yes, you can. If you buy an insurance policy in the name of your wife or daughter and such policy is bought from your taxable income, you are eligible for 80-C deduction. However, it is advised that the upper limit of Rs 1,50,000 may be kept in mind.
Can 80D be claimed by spouse?
Yes. Under section 80D, it allows the policyholder to save tax by claiming medical insurance incurred on self, spouse, dependent parents as a deduction from income before paying the taxes. The person's age should be 60 years or above to be eligible to claim the medical expenses.
can husband Claim maintenance from his wife?
Can both husband and wife claim medical insurance?
Yes, it is possible to claim maternity benefit from two corporate group health insurance policies. ... Do note that the total amount payable under both the policies put together cannot be more than the actual medical expenses incurred.
Can husband and wife claim health insurance?
"You and your spouse cannot split the insurance premium amount and claim it separately for taking the deduction because only the person (who is the proposer) paying the premium can claim deduction under section 80D of the Act," he said.
Can someone else pay my insurance premium?
MUMBAI: You cannot pay for someone's insurance cover in India. As per the anti-money laundering provisions, the money for the premium must come from the bank account or the credit card of the insurance customer. Third-party payment for insurance premiums was banned to tackle money laundering.
Can I pay LIC premium for my father?
You can certainly pay your parents Insurance premium but you cannot claim it in your Income Tax Return, as according to the present rules parents can pay premiums for self,their children and spouse and claim IT rebate on it. If your father needs to claim the rebate , he will have to pay from his account .
Can I pay LIC premium for my son?
Yes, you can claim a tax deduction on the premium paid for the insurance policies for your sons. A tax payer can claim a tax deduction of up to Rs 1.5 lakh on life insurance premiums paid for a life insurance cover for himself, spouse and children.
Which insurance is best for housewife?
Unit Linked Insurance Policy (ULIPs)
As ULIPs provide dual benefits of life cover protection and investment opportunities under a single policy plan, it makes for an ideal plan for housewives.
Can a housewife get term insurance?
Most insurance companies are not forthcoming in selling insurance to housewives. Also the option of term insurance plans is limited in India. However, housewives can take their pick from endowment, pension, money back plans or ULIPs.
How much money can a husband give his wife tax-free?
Gifts up to Rs 50,000 per annum are exempt from tax in India. In addition, gifts from specific relatives like parents, spouse and siblings are also exempt from tax.
Can I claim my wife as a dependent if she doesnt work?
You do not claim a spouse as a dependent. When you are married and living together, you can only file a tax return as either Married Filing Jointly or Married Filing Separately. You would want to file as MFJ even if one spouse has little or no income.
How much can I gift my wife?
There is usually no limit on how much can be given. The only caveat is if the gift is made by a UK-domiciled person to a spouse or partner who is classed as non-domiciled for tax purposes.
Can I claim LIC of parents?
Yes, in a family husband or wife any one can pay the life insurance premium and claim the tax benefits under section 80 C of income tax act. Children till the age of 23, their insurance premiums can also be paid and claimed for tax deductions.
What happens if I stop paying LIC premium after 3 years?
So if you have already paid 3 years' premium, not paying any future premiums will convert the policy into a paid-up policy. You won't get any money back in the year you turn it into a paid-up policy but will have to wait till the policy's original maturity.
Can I claim my father LIC for tax exemption?
Tax exemption offered under section 80C on life insurance policies from LIC: If you have purchased a life insurance policy on or before 31st March 2012 in your own name or in the name of spouse or child, then up to 20% of tax deduction can be availed on the premium paid towards life insurance policy.
Can I pay my friends LIC premium online?
You can do so by either visiting the LIC website or by downloading LIC India's app. To pay premiums through the insurer's website, visit www.licindia.in and click on 'Pay Premium online' from the 'Online Services portal'. Here you will get two options: a) Pay Direct (Without login) and b) Through customer portal.
What happens if policy premium is not paid?
Generally, you will be provided a grace period which is typically up to 30 days after your due date. If you fail to pay your premium in the grace period as well, then your insurance policy will get terminated.
Can I pay LIC premium for my brother?
Deduction is available in respect of policy taken in the name of taxpayer, his spouse and his children. No deduction is available in respect of premium paid in respect of policy taken in the name of any person other than given above.
Can we claim 80D and 80ddb together?
This deduction is fixed irrespective of the actual expenses. However, remember both these deductions cannot be claimed simultaneously. Section 80DD: The deduction can be claimed for the expenditure incurred on the medical treatment (including nursing), training and rehabilitation of a person with disability.
What is 80G deduction?
Section 80G is a facility available in the Income Tax Act which allows taxpayers to claim deductions for various contributions made as donations. The deduction under the Act is available for contributions made to the specified relief funds and charitable institutions.
Can we claim 80D without health insurance?
Individuals can file their Income Tax Return (ITR) with Tax2win on YONO and claim all 80D deductions without paying Health Insurance premiums for their parents. Apart from that, taxpayers can have eCA assistance for just Rs 199.